The politics of currency exchange

[readerc54]

Apparently the idea of competition from Super Rich on the highly-lucrative stretch of Silom rd. In the vicinity of Saladeng proved too much for existing exchanges and the parties that be must have agreed to make an offer that could not be refused. Hence, the bright orange of the new SR booth has been repainted blue and the name changed to Happy Rich.

Meanwhile, across the street on the third floor of Silom Center, the new full-scale Super Rich location has been completed and training was going on today. When I inquired when they would open, I was told Monday.

Although patrons will still have an opportunity to get what has been the most competitive rates during normal business hours, those late night and early morning folks pouring out of the bars and clubs will not.

[Smiles]

Reader, could you give some context or background regarding your post above?
After reading it 3 times I'm thinking I guess I should know what you're talking about ... but I don't.
Super Rich? Me? Eh?
Am I alone in a quandary?

[readerc54]

This is a Bangkok-centric story so unless you're exchanging currency here I can understand why it doesn't register.

Super Rich was founded in 1965 and lists a dozen locations in Bangkok (including one at BKK). It has earned the reputation of offering the best rates of exchange.

http://www.superrichthai.com

A few weeks ago I noticed that workers were fabricating a new SR location on Silom rd. near Saladeng BTS stop. This area already has many exchanges and bank branches competing for the wealth of foreigners looking to trade their native notes for baht. During the day, there's not a lot of difference among them but when the banks close, the currency booths have the business to themselves.

Suddenly SR plants a flag there. The other exchanges realize the implication: if SR does beats them on the rate, they'll have to meet their rate or risk losing some business. But when I walked by the new booth today I did a double take when I saw that it was repainted and the name changed--all before it even opened. So I asked myself why would SR go to the trouble of building this booth from scratch and then, quite suddenly, abandon the plan. The answer, to me, seemed obvious: others involved in the same trade weren't keen for the competition. Thus there was an incentive to make SR reconsider its new venture. Just what form that incentive took we can only speculate but it appears to have proven sufficient.

Separate from this event, SR is on the verge of opening another new location in Silom Center where it will be competing with a host of major banks already operating there. Will the banks lower their rates to match SR? Don't know but it will be interesting to see how it plays out.

Hope that puts it in perspective, or at least in the perspective of this contributor.

[Smiles]

Gotcha. Thanks.

[Jun]

Super Richard green AND orange are both in the airport rail terminal. I changed my cash there and have yet to see a better rate.

[Alex]

That's true within the airport, but SuperRich's airport and BTS rates are worse than SuperRich's regular branch rates. So for large amounts, it may still make sense to visit one of the latter.

[Jun]

I checked rates on that website that covers all the banks, plus Vasu & Super Rich.
SIA offered 44.95 ( but I don'the want to travel there)
Vasu 44.9

The rate in the airport was 44.95.

Logically I wouldn't expect the airport rail station to be consistently competitive, but at those rates, it seems near enough not to look any further.